Looking for a Michigan Department Of Treasury Forms And Templates? Download it for free!

Member B’s tax year of April 1, 2012 through March 31, 2013

beginning and ending dates of the period within this member’s

and Member C’s short period (due to the transition to the MBT

federal tax year during which both tests were satisfied. These

Election) of January 1, 2012 through September 30, 2012.

dates constitute a short tax period for MBT purposes, even

Member C’s full tax year of October 1, 2012 through September

if there is no corresponding short federal tax period. This

30, 2013 will be reported on the group return for the period

member must prepare a pro forma federal return calculation for

ending July 31, 2014.

the portion of its federal year during which it was a member of

this UBG, and use that pro forma calculation as the basis for

Part 2A: Apportionment Data for Combined Return

reporting the tax data required by Part 2B.

When completing Part 1, if multiple copies of this page are

Line 10: Enter the taxpayer’s six-digit North American Industry

required, provide the same answers to Part 2A, lines 2 and 3,

Classification System (NAICS) code. For a complete list of six-

on each copy of this page that is submitted.

digit NAICS codes, see the U.S. Census Bureau Web site at

Line 2: Gross business is defined in the instructions to

, or enter the same NAICS

Form 4590, line 10a. On a combined return, gross business is

code used when filing U.S. Form 1120S, U.S. Form 1065,

calculated after eliminating transactions between financial

Schedule C of U.S. Form 1040, or Schedule K of U.S. Form 1120.

institution members of the UBG. Enter combined gross

business in Michigan of all financial institution members

Line 11: Enter the date, if applicable, on which this member

went out of existence. Examples include dissolution of an entity

on line 2A, show eliminations on line 2B, and show net after

eliminations on line 2C.

and a merger in which this member was not the surviving

entity. Include any event in which the FEIN ceases to be used

Carry amount from line 2C to line 10a on Form 4590.

by this entity. If this member continues to exist, DO NOT

use this column to report that this member has stopped doing

Line 3: Enter all gross business everywhere on line 3A, show

business in Michigan.

eliminations on line 3B, and show net after eliminations on line 3C.

Line 12: If this member has nexus with Michigan,

Carry amount from line 3C to line 10b on Form 4590.

check this box. Guidance in determining nexus can be

Part 2B: Member Data for Combined Return

found in RABs 2007-6 and 2008-4, available online at

In all cases with one or more financial institutions in a UBG,

(Click on the “Reference Library”

link at left side of that Web page.)

complete one copy of Part 2B for each financial institution in the

UBG whose net capital is reported on this return. Note that an

Line 14: This line does not apply to the first MBT return filed

entity that would otherwise be a standard member but is owned

by this UBG. For subsequent tax periods, check this box if this

by and unitary with a financial institution is defined by statute to

member was not included in the UBG’s preceding MBT return.

be a financial institution. If a financial institution member (other

than the DM) has two or more federal tax periods ending with or

Line 15: Enter a concise description of the activities or

within the filing period of this return, use a separate copy of Part

operations of this member that result in a flow of value

2B for each of that member’s federal periods.

between this member and others in the UBG, or integration,

dependence, or contribution to other members. This is

Line 7: Identify the organization type of this member:

not limited to transactions that are recognized for tax or

• Fiduciary (a decedent’s estate, and a Trust taxed federally

accounting purposes. It may include sharing of assets,

as a Trust under Subchapter J of the IRC. A grantor Trust or

employees, data, business opportunities, or other resources.

“revocable living Trust” established by an Individual is not

(See RAB 2010-2.)

taxed as a separate entity, and is not within this Fiduciary

Line 16: Enter equity capital as of the last day of the filing

category.);

period, as computed in accordance with generally accepted

• C Corporation (including an LLC, Trust, or other entity

accounting principles. If the member does not maintain its

taxed federally as a Corporation under Subchapter C of the

books and records in accordance with generally accepted

IRC).

accounting principles, net capital must be computed in

• S Corporation (including an LLC, Trust, or other entity taxed

accordance with the books and records used by the member, so

long as the method fairly reflects the member’s net capital for

federally as a Corporation under Subchapter S of the IRC).

• Partnership (including an LP, LLP, LLC, Trust, or any other

purposes of this tax.

entity taxed federally as a Partnership).

NOTE: In completing the combined return, a member of a

unitary business group of financial institutions eliminates its

NOTE: A person that is a disregarded entity for federal tax

purposes, including a single member LLC or Q-Sub, must file

investment in the positive Equity Capital of other members

as if it were a sole proprietorship if owned by an individual, or

of the same group. Eliminations occur to Equity Capital at

a branch or division if owned by another business entity.

the member level. Because each member of the group must

compute the Net Capital tax base in accordance with GAAP,

Line 8: List the member’s tax year, for federal income tax

each member should represent a positive or zero Equity Capital

purposes, from which business activity is being reported on

before Eliminations. Thus, the resulting unitary return for

this copy of Part 2B.

MBT may not exactly correlate to the group’s federal returns

Line 9: If the control test and relationship test were not both

or consolidated GAAP equity but will comply with the

satisfied for this member’s entire federal tax year, enter the

requirements of the MBT.

Form 4752 - Business Tax Unitary Business Group Combined Filing Schedule For Financial Institutions - 2014 Page 7

Related Articles

Related forms

Related Categories